China's 2004 foreign trade to grow 30%
(Xinhua)
Updated: 2004-12-31 09:45

China's foreign trade for the year 2004 will reach US$1.1 trillion, up some 30 percent from the previous year, making the nation the third largest trade power in the world, China's Minister of Commerce Bo Xilai said.

As quoted in Thursday's "People's Daily," he said that foreign direct investment (FDI) to China will exceed US$60 billion in 2004, among the highest in the world.

China's exports of hi-tech products surged by the largest margin of 52 percent in the first 11 months of the year. Its imports of crude and refined oil as well as mineral products increased largely, according the minister.

From 1978 to 2004, China's foreign trade grew 56 times with an annual growth rate of 16.8 percent. In the same period, the world trade grew 6.4 times with an annual growth rate of 6.6 percent.

Bo acknowledged that the exports will account for more than 30 percent of China's total gross domestic product in 2004 and will fuel China's economic growth by two percent.

In the meantime, China has used a total of 500 billion US dollars of foreign direct investment so far. Foreign companies have established more than 700 research and development centers in China and the country is home to more than 30 regional headquarters of multi-national companies.

China has decided to go on using more foreign direct investment in the years to come. The minister said China will seek opportunities of expected world FDI increase between 2004 and 2007 to help restructure its economy.

As China is becoming a top trading nation worldwide, it is facing an increasing number of disputes with other countries. By December 23, a total of 16 countries and regions across the world has launched 57 cases of anti-dumping, special safeguard investigations and other forms of protectionist measures against China.

The minister said China is paying high attention to the disputes and making every effort to address them.

So far, 37 countries in the world have recognized China's market economy status, which paved a still better way for the country to address trade issues.

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